Taxation Laws Amendment Act (No. 6) 2003 (67 of 2003)

Schedule 3   Consolidation: treatment of linked assets and liabilities

Income Tax Assessment Act 1997

1   Paragraph 104-510(1)(a) (second occurring)

Repeal the paragraph, substitute:

(b) the sum of the *tax cost setting amounts for all *retained cost base assets that:

(i) become assets of the *head company of the group because subsection 701-1(1) (the single entity rule) applies; and

(ii) are taken into account under paragraph 705-35(1)(b) in working out the tax cost setting amount of each reset cost base asset of the entity;

exceeds the group's *allocable cost amount for the entity.